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Aarp final expense insurance11/12/2022 ![]() No medical exam life insurance offers quick approval for coverage and can be good if you are in poor health. Traditional insurance policies require a medical exam as part of the approval process known as underwriting. Guaranteed issue life insurance is also referred to as " final expense/funeral insurance" because the coverage amounts are so low that they basically only cover funeral and burial expenses. What is final expense insurance?įinal expense life insurance is a type of no medical exam guaranteed issue life insurance. If you already have life insurance, you should consider adding funeral or burial insurance, also known as "final expense" insurance. Your beneficiaries can use the funeral policy to handle all of the funeral expenses and receive an immediate payout of your other life insurance policy to cover bills and other necessities. This is where having funeral insurance, also known as "final expense" insurance, comes in handy. If those funds are needed to handle the mortgage or other expenses, regardless how large of a policy you selected, they will not have access to those funds for a while. That means that your beneficiaries will have to wait a few weeks before receiving funds. Typically, a life insurance policy will pay the funeral home and cemetery before disbursing funds to the beneficiaries. Finances and the availability of funds compounds the issue. Making funeral preparations while grieving adds another layer of stress. The loss of a loved one is emotional and traumatic. By clicking ‘Sign up’, you agree to receive marketing emails from InsiderĪs well as other partner offers and accept our ![]()
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